IberiaBank buys six Memphis branches, plans ATMs

IberiaBank buys six Memphis branches, plans ATMs

IberiaBank Corp., of Lafayette, will acquire the six Memphis, Tenn. branches of Trust One Bank, a division of Synovus Bank, under a deal announced Friday. The price was not disclosed.

IberiaBank will acquire selected loans and other assets and the deposits of Synovus’ Memphis operations in an acquisition expected to close by the end of 2013. As of Aug. 31, Synovus had $131 million in loans and $205 million in deposits in Memphis. The company’s branches employed 33 people.

IberiaBank has three branches and four mortgage loan offices $376 million in loans and around $162 million in deposits in the Memphis area. Those offices have the equivalent of 49 full-time employees. The company said it expects to consolidate some of the Memphis branch offices to gain efficiencies.

Greg Smithers, IberiaBank Memphis Market president, said the company also plans to add 10 ATMs in Rite Aid stores throughout the Memphis area.